Roofing firm counts losses after world cup builds

When roofing specialists, Hightex, landed the contract to build the cable-supported membrane roofs for three World Cup stadia in Brazil, it probably did not expect to make huge losses, yet unfortunately for the London-listed company, that’s exactly what happened, as the company posted a £2.3 million loss for 2013.

Following a series of problems, for which Hightex blamed the Brazilian company with whom it had set up a joint venture to install the roofs, it led to a reduced turnover of £8.3 million overall for the year.

The most significant of these problems were operational and meant that Hightex were not receiving the money owed to them from the joint venture, which effectively forced the company to put itself up for sale in June this year, after suspending its shares last September.

The Executive Chairman of Hightex, Charles DesForges, said that 2013 had been ‘a most difficult year’ for the roofing specialists, and suggested that the solution going forward would be to identify a business partner with the ‘appropriate financial strength’.

Hightex are renowned for their expertise and innovations in creating membrane structures, so it would certainly be a shame if the company were to go under. Thankfully, economic conditions have improved and Hightex have seen fit to tender proposals for several ‘interesting projects’ in 2014.

At DPR (Huddersfield), our 20 years in the roofing business has taught to only use trusted and reliable suppliers, just as it would be advisable for you to choose roofers with a reputation for excellence in your local area: Call DPR now on 01484 290087.